Jim Rogers: Gold Price Due For Correction, Buy When It Slips

International investor Jim Rogers says gold is due for a price correction that could make it an attractive entry point.

"Somewhere down the line gold will have a correction. Gold will continue to do what gold does best. Just give it a chance," Rogers told CNBC.

If the gold price retreats towards $1,200 per ounce, Rogers said he would get extremely excited.

"I'd probably get more interested at $1,600. At $1,710 or whatever it is today, I'm not buying gold, I'm just watching. And likewise for silver."

Jim Rogers
(Getty Images photo)

Rogers says if he were buying only one today, he would buy silver, which is 40 percent below its all time high instead of gold, which is 20 percent near its all time high.

Rogers also says the dollar is likely to strengthen.

"I own the dollar, I own some other currencies as well," he said. "A year ago everybody was pessimistic about the dollar, including me...when everybody is on the same side of the boat, you go to the other side of the boat for a while." He also owns Scandinavian currencies.

Paper money everywhere is being debased, Rogers notes. “If the US dollar turns into confetti, there is no high for the price of gold, because the dollar will become worthless,” he warns.

“If you have all of your money in anything, be very careful,” Rogers warns. “Some are going to totally disappear.”

However, Rogers says he is “wildly bullish” on Myanmar. “If I could find a way to put all of my money into Myanmar, I probably would,” he says. “It is at the place where China was in late 1978; they are opening up, they’ve changed. They’ve got 60 million people, they are right there between China and India.”

“Right now, says Rogers, “governments have some credibility left…if you wait a year or two or five, when the market forces you to deal with reality, then the markets and the banks have no credibility."

According to The Wall Street Journal, as Myanmar’s leaders push through more reforms, dissidents elsewhere in Southeast Asia are starting to hold up the country as something of a new model for the region — mainly to embarrass their own governments.